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Thursday, 24 December 09
EUROSEAS LTD. ANNOUNCES TWO-YEAR TIME CHARTER AGREEMENT FOR PANAMAX BULK CARRIER
 Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced yesterday, that a subsidiary of the Company has entered into a two-year period time charter agreement for the M/V "Aristides NP," a 69,268 dwt, 1993 built Panamax bulk carrier, at a gross daily rate of $18,900. The charter will commence between end February 2010 and mid April 2010.
This employment is expected to generate approximately $13.5 million of gross revenues during the period of the charter. Following this charter, approximately 100% of Euroseas dry bulk fleet days for 2010 and 40 % for 2011 are secured under period charters, or already concluded spot charters, Forward Freight Agreements (FFA's) and are otherwise protected from market fluctuations. For the container fleet, the corresponding coverage is 37% for 2010 and 16% for 2011 making the combined total fleet coverage 57% for 2010 and 23% for 2011. These percentages do not include extension options held by charterers.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We continue to take advantage of the strength of the drybulk market and we are pleased to announce that we have chartered M/V 'Aristides NP' at a favorable rate which enables us to enhance the predictability and strength of our revenues and cash flows. We remain focused in our effort to grow the company and create superior returns for our shareholders."
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Select Market under the ticker ESEA.
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 2 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 9 containerships have a cargo capacity of 15,779 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
Source: Euroseas Ltd / Hellenic Shipping
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Thursday, 24 December 09
DRY BULK CHARTERING - SHIPPING UPDATE
Handy
Continued firm conditions for the Handymax / Supramax market in the Atlantic despite the BSI´s downward trend. As chrs scramble to cov ...
Wednesday, 23 December 09
INDONESIA POWER CHIEF TO BUILD PLANTS OUTSIDE JAVA
Indonesia's state electricity firm plans to build new power plants outside Java island with a combined capacity of around 2,000 megawatts to resolv ...
Wednesday, 23 December 09
BUKIT ASAM SEES CHINA COAL DEMAND BOOST
* Rebound in prices to have pushed up 2009 revs
* To more than double Tarahan port capacity
Reuters reported that, Indonesian state-owned coal m ...
Wednesday, 23 December 09
MACARTHUR COAL OFFERS TO BUY RIVAL GLOUCESTER
Queensland-based Macarthur Coal will offer to buy fellow Australian Gloucester Coal, in a move to add two new mines and increase coal resources.
...
Tuesday, 22 December 09
CHINA CONTRACTED COAL PRICE FOR 2010 SEES SLIGHT INCREASE
A number of coal and power enterprises have concluded their annual power-coal supply contracts for 2010, and the contracted coal price saw slight in ...
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